Lifetime capital gains exemption

Question 1

Lower of:

Answer 1

• Unused lifetime deduction
• Annual gains limit
• Cumulative gains limit

Question 2

Unused lifetime deduction

Answer 2

848,252 * 0.5 = 424,126 less all previous CG deductions claimed

Question 3

Annual gains limit

A-B

Answer 3

Lesser of:

• net TCG for the year on ALL asset dispositions
• net TCG from the year on all

Question 4

Cumulative gains limit

Answer 4

Sum of all components of the annual gains limits for the current +prior years less

• sum of all components of capitalg ains deductions claimed in prior years
• cumulative net investment loss (CNIL) balance at CY end.